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Binance

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Binance
Founded2017
Founders
Key people
Changpeng Zhao (CEO)
ProductsCryptocurrency exchange
Websitewww.binance.com

Binance is a cryptocurrency exchange.

History

CEO Changpeng Zhao had previously founded Fusion Systems in 2005 in Shanghai; the company built high-frequency trading systems for brokers. In 2013 he joined Blockchain.info as the third member of the cryptocurrency wallet’s team. He also worked at OKCoin as CTO for less than a year, a platform for spot trading between fiat and digital assets.[1]

The company was founded in China but moved its servers and headquarters out of China and into Japan in advance of the Chinese government ban on cryptocurrency trading in September 2017.[2] By March 2018 the company had established offices in Taiwan.[1]

As of January 2018 it was largest crypto-exchange with a BNB market capitalization of $1.3 billion.[3]

In March 2018, Binance announced its intentions to open an office in Malta after stricter regulations in Japan and China.[4] In addition, Binance plans to move to Jersey to expand its European influence, having achieved a exchange license there, and plans to add fiat pairs including the Euro and the British pound to its supported currencies.[5]

In August 2018, Binance along with three other big exchanges raised $32 million for a stable coin project. The idea of stable coins is to provide a cryptocurrency without the notorious volatility of Bitcoin and other popular digital assets.[6][7]

In a September 2018 report by from the New York Attorney General office, Binance was one of four out of thirteen virtual currency exchanges that refused to respond to the request for information aimed at creating greater transparency regarding security, anti-hacking measures and business practices. Four exchanges declined. In the 42-page "Virtual Markets Integrity Initiative Report", Binance is called out for possibly receiving fees in exchange for listing currencies as well as possible non-disclosure of unequal trading offers that could negatively impact traders. In addition, the report says that it verified if any of the thirteen exchanges were doing business with New York State citizens. Based on this investigation, the New York OAG[disambiguation needed] referred Binance to the Department of Financial Services for potential violation of New York’s virtual currency regulations.[8]

References

  1. ^ a b Ambler, Pamela (7 February 2018). "From Zero To Crypto Billionaire In Under A Year: Meet The Founder Of Binance". Forbes.
  2. ^ Xiao, Eva (30 November 2017). "Three months after launch, this unbanked crypto exchange made $7.5m in profit". Tech in Asia.
  3. ^ Nakamura, Yuji; Lun, Haidi (2018-01-11). "World's Top-Ranked Crypto Exchange Adds 240,000 Users in One Hour". Bloomberg.com. Retrieved 2018-03-08.
  4. ^ Nakamura, Yuji (2018-03-23). "World's Biggest Cryptocurrency Exchange Is Heading to Malta". Bloomberg.com. Retrieved 2018-03-24.
  5. ^ "Crypto Giant Binance to Offer Euro Trading Pairs This Year". Bloomberg.com. 2018-06-11. Retrieved 2018-06-14.
  6. ^ "Binance and Other Crypto Exchanges Back $32 Million Stable Coin Project". Fortune. Retrieved 2018-08-30.
  7. ^ "Binance Backs $32 Million Funding for Unicorn Founder's Crypto Stablecoin - CoinDesk". CoinDesk. 2018-08-29. Retrieved 2018-08-30.
  8. ^ "Virtual Markets Integrity Initiative Report" (PDF). Retrieved 2018-09-18.

External links